Comparative Study On The Effect Of Heterogeneous Strategic Investors In Bankruptcy Reorganization

The report of the 20th National Congress of the Communist Party of China pointed out: "High-quality development is the primary task of building a modern socialist country in an all-round way." It is the basic requirement for high-quality economic development to improve the gold content of economic growth with innovative,efficient,energy-saving,environmentally friendly and high value-added growth methods,and to unify the speed and efficiency of economic development,growth mode and development model.For the country and society,the restructuring system can not only serve the new development concept by rescuing troubled enterprises,but also be an important guarantee for stable growth,employment protection,people’s livelihood,and high-quality development.The introduction of strategic investors in corporate restructuring is an effective way to help enterprises regains their new life,and can provide more long-term and stable support for the subsequent development of enterprises.Therefore,on the basis of the bankruptcy reorganization system,this paper distinguished between state-owned strategic investors and private strategic investors to study the impact of introducing heterogeneous strategic investors on enterprises,which was of enlightening significance for enterprises to select strategic investors and formulate reorganization plans,and was conducive to the stability and longevity of enterprise operation and development.Taking the bankruptcy reorganization cases of Lifan and Zotye Auto as examples,this paper used a variety of research methods such as double case analysis method and event research method to explore the effect of heterogeneous strategic investors in enterprise bankruptcy reorganization.First,this article introduced the corporate profiles of Lifan and Zotye Auto,including the shareholding structure,business model,and implementation process of restructuring.Secondly,the impact path of introducing heterogeneous strategic investors was analyzed from the perspective of finance,equity and market;Finally,by analyzing the financial performance,corporate governance and market value of the two after the restructuring,the different impact effects of heterogeneous strategic investors and the reasons were compared and analyzed.The study found that: first,choosing the right strategic investors was the key to the success of corporate bankruptcy restructuring.The different property rights of strategic investors brought different effects to enterprises,whether from a financial perspective,corporate governance or market value,the restructuring effect of Lifan,which introduced the state-owned strategic investor was better than that of Zotye Auto;Second,the introduction of strategic investors had helped both to get rid of debt constraints and gain a chance to be reborn;Third,the introduction of strategic investors was the focus of the reorganization plan formulated by enterprises,including how to recruit strategic investors,equity adjustment plan,and stipulate the conditions for strategic investors.Therefore,on the one hand,enterprises should carefully and reasonably select strategic investors based on their own circumstances to achieve the integrated utilization of resources;On the other hand,the government should encourage state-owned funds to participate in restructuring,give full play to the full advantages of state-owned strategic investors,and ensure the sustained and stable development of the local economy.